Last night, the US stock market indeed experienced a surge at open, but Ethereum's performance was not as strong—it has been hovering below the 2965 daily resistance level.

How critical is this level? It is the first barrier for the bulls to continue their momentum. If it cannot hold steady, the subsequent market outlook will be hard to be optimistic about. The current situation is quite clear—resistance not broken, the candlesticks are starting to move sideways. It can't go higher, and there's no momentum downward; trading volume also can't keep up.

Moreover, since it's still the early trading session, this point is naturally more prone to weakness. No volume, sideways movement, resistance not broken—these three conditions stacked together suggest a high probability that the market will move in one direction: oscillating downward. Instead of overthinking, it's better to follow the trend. Many traders have already set short positions, waiting to see the subsequent take-profit points.

What will the next market trend look like? It all depends on whether ETH can retake the 2965 level. If it gets blocked again, the expectation of oscillating decline will be further reinforced.